CMHC keeps crying ‘Wolf’

The Canadian Mortgage and Housing Corporation keeps on giving the national real estate market it’s worst possible rating. You can probably guess which cities get singled out as the most at risk:

CMHC’s valuation is part of its quarterly Housing Market Assessment, something the Crown corporation calls an early warning system, alerting Canadians to areas of concern developing in housing markets so that they may take action in a way that promotes market stability.

In terms of the 15 individual markets studied, CMHC said it saw strong evidence of overall problematic conditions in Victoria, Vancouver, Saskatoon, Hamilton and Toronto – the same five markets singled out a quarter ago.

CMHC defines problematic conditions as imbalances in the housing market that occur when overbuilding, overvaluation, overheating and price acceleration, or combinations of those issues exceed historical norms.

Read the full article here.

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Just me
Just me
3 years ago

China’s capital outflows ‘remain persistent’ despite regulatory scrutiny

http://www.scmp.com/business/companies/article/2103886/chinas-capital-outflows-persistent-despite-regulatory-scrutiny

We need to hurry with housing regulations. Cannot waste a minute longer.

Combat roach
Combat roach
3 years ago
Reply to  Just me

Regulations won’t do. The society at this stage needs people’s uprising to form a national front to protect the country and oust the shit away.

Best place on meth
Best place on meth
3 years ago

Somerville and Davidoff said they believe Robinson and the NDP will implement a plan for a two-per-cent speculation tax on foreign people who buy property in B.C. but don’t pay tax here. The tax would be based on assessed value, and estimated revenue of $200 million per year would go into a B.C. Housing Affordability Fund.

“I think the most important thing they can do is to make sure people who buy homes in B.C. are paying taxes here, and I’m pretty optimistic the NDP will move in that direction,” Davidoff said. “And I think they will clamp down on speculation and money laundering.”

“The NDP will be more aggressive in regulating capital in-flow and demand that is not local serving demand,” Somerville said.”

http://vancouversun.com/news/local-news/new-housing-minister-selina-robinson-to-tackle-b-c-s-runaway-home-prices

WHY HASN’T THIS ALL BEEN DONE ALREADY!!

IT’S BEEN A WEEK ALREADY!!!

REMEMBER THE 90’S?!?!?!?

Oracle
Oracle
3 years ago

Davidoff backed away from the tax as well. He sent a memo to Robinson and now supports a watered down useless plan.

Oracle
Oracle
3 years ago
Reply to  Oracle

Meth, you are in the denial phase. Read what davidoff sent to the housing minister 24 hrs ago. He made the letter public. He has backed away from doing anything like the rest of the NDP.

Bag it and tag it
Bag it and tag it
3 years ago
Reply to  Oracle

Post a link for once Oracle

off topic
off topic
3 years ago

Man, 26, who was caught on camera in an elevator viciously bashing his 10-month-old puppy will NOT serve jail time after pleading no contest
Zixuan Liu will serve three years probation after beating his Shibu Inu, Aniki
26-year-old was filmed kicking and dragging his 10-month-old puppy around
The puppy has recovered and is being moved to an adoption shelter in Nevada

http://www.dailymail.co.uk/news/article-4733634/Man-bashed-dog-gets-no-jail-time-no-contest.html

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  off topic

Methinks somebody is recruiting new posters from alt-right websites.

I guess that’s the sort of website admin wants this place to be.

Bestplaceonearth
Bestplaceonearth
3 years ago

Can’t expect much more from blog full of freeloaders.

Best place on meth
Best place on meth
3 years ago

What freeloaders?

None of your corrupt, money laundering, tax evading Norwegian friends are posting here.

history
history
3 years ago

i think he or she is troubled that not all the posters here are debt pig home owners, or slave class renters

Best place on meth
Best place on meth
3 years ago

Upon further review, this race-baiting piece of shit is even more likely than space to be trolling.

Best place on meth
Best place on meth
3 years ago
Reply to  off topic

TROLL ALERT!

I put my money on Space deploying his newest character.

history
history
3 years ago

Space needs to get over his dog meat indigestion and tell us how his Starmeat went down, was it chased by bourbon or wine?

history
history
3 years ago

Perhaps in Vancouver, Victoria, Saskatoon, Hamilton and Toronto you find the most successful lawyers? PEI has a lower rate of successful lawyers. Washington DC would have a high rate of paranoid or psychotic lawyers.

VanRant
VanRant
3 years ago

New Canadian banking rules that took effect July 1 are a “game changer” that could help governments in Victoria and Ottawa fight real estate tax scams exploited by foreign buyers, says a prominent B.C. immigration lawyer.
http://vancouversun.com/news/local-news/new-canadian-banking-rules-called-game-changer-for-real-estate-tax-evasion

Combat roach
Combat roach
3 years ago
Reply to  VanRant

Whatever it takes to defend the state from those nasty Norway criminals…

Best place on meth
Best place on meth
3 years ago
Reply to  Combat roach

” A common scam is claiming to live in a home that is actually vacant, he said, and claiming principle residency tax exemptions. It’s also believed that some real estate professionals help clients fake residency claims, or turn a blind eye to tax dodging tactics”

Fucking Norwegians, I’m sick of those people constantly scamming us.

Best place on meth
Best place on meth
3 years ago
Reply to  VanRant

“Kurland says that if the CRA were to proactively work with B.C.’s provincial government in sharing real estate data and using computer programs to search for red flags, tax compliance would rapidly improve and speculation would fade in Metro Vancouver’s overheated market.”

That was impossible to achieve with Krusty running things, she did her best to stonewall any attempts to shed light on these scams.

history
history
3 years ago

reminds me of the joke….
… Krusty is in jail, she gets a call from the capitalists and mortgage holders, her ‘family’ The family is having a hard time with their asset liquidity challenges. ‘we miss you Krusty, it was so easy when you were premier.’ Krusty thinks for a moment, and responds. ‘Dont change your lawyer, he and she knows where the bodies are buried. Of course the jail guards are monitoring the conversation, and in a matter of a few months, they call up the military and raid every Lawyers office… but they dont find anyone.

now, because you’re dealing with lawyers, the invoice for the disruption arrives at the NDP govt door, and boy, the bill is a doozy. NDP is found to be losers, and get kicked out of governing at the next election.

history
history
3 years ago
Reply to  VanRant

i think lawyers, everywhere, are more than happy going after white collar crooks. But, there’s a price to paid for this. Society must ask: is it worth it? The message the lawyers are telling us… they want a cut of the tax

Just me
Just me
3 years ago
Reply to  VanRant

Here is an even better quote: An even better reform, Kurland says, would be if the CRA’s new data pool could be automatically matched with a modernized B.C. title transfer system that would require a seller to register at the time of a sale, whether they are a Canadian resident, or non-resident, under the Income Tax Act. Already sellers make these declarations on standard real estate forms by checking a box. But these forms are rarely confirmed, unless a property sale is investigated by the CRA, according to Kurland. “The honour system just isn’t working,” he said. NDP, where are you? Are you going to make your electors happy? Or are you catering to homeowners and trying to steal the BC Libs base? The NDP’s former housing critic, MLA David Eby, who is now B.C.’s attorney-general, campaigned on ideas to… Read more »

history
history
3 years ago
Reply to  Just me

honour system is Western archaic, doesnt represent Asian values, tastes or preference for ambiguity, and variety in their protein diets.

Fattened dogs are a delicious example. Lawyer dogs are a a good substitute for shoe wear, they are a leathery breed

Best place on meth
Best place on meth
3 years ago
Reply to  history

Dog eat dog mentality?

That’s my interpretation of chinese culture.

Fuck civilized behavior, survival of the fittest is all that matters.

Oracle
Oracle
3 years ago
Reply to  Just me

You’re beating a dead horse. They lied to get elected. They and their families don’t want to lose their real estate wealth. Some immediate relatives of the MLAs are developers.

Hoping to get contracts for 114,000 units?

patriotz
3 years ago

This article is also a year old, but I don’t think it’s been posted and it’s worth reading:

P.E.I. further restricts land purchases by non-residents

The P.E.I. government has strengthened rules designed to prevent non-residents from buying up Island property. But the province’s real estate association says the changes are moving in the wrong direction.

Well isn’t that a surprise.

VanRant
VanRant
3 years ago
Reply to  patriotz

Now if we can get BC to follow P.E.I.

history
history
3 years ago

maybe this belongs in the previous thread.

Eby is the minister responsible for ICBC.
Ernst and Youngs 204 pg report issued July 24

http://www.icbc.com/about-icbc/newsroom/Pages/2017-July24.aspx

Abdul Lahazi
Abdul Lahazi
3 years ago

Chinese billionaire convicted in United Nations bribery case:

http://www.news1130.com/2017/07/27/chinese-billionaire-convicted-in-united-nations-bribery-case/

Bribery, lying, cheating, stealing; it is just business as usual for these Chineze.

Screwed
Screwed
3 years ago

http://themainlander.com/2017/06/29/newplayerssamegame/
The reminder that NDP is not going to do anything about housing.

Oracle
Oracle
3 years ago
Reply to  Screwed

Then they won’t have much support next election.

Proves my thesis that developers have hijacked the other parties.

Still sticking to my thesis that if they don’t do anything about housing by Halloween, scandals gonna erupt.

Abdul Lahazi
Abdul Lahazi
3 years ago
Reply to  Screwed

If they don’t get some initiatives rolling soon and there is another election then they will be out on their collective asses. Many voters went for them because of the housing issues and if the G-NDP coalition don’t deliver then it’s all over for them. They can move quickly if they really want to.

Just me
Just me
3 years ago
Reply to  Abdul Lahazi

I agree. I voted for them because of housing alone. If they don’t start talking again about it, I will remember it at the next election.
Eby so far has been unusually mum. Horgan is missing in action about housing.
Wake up guys!

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Just me

That’ll show them!

Oracle
Oracle
3 years ago

It will since it seems they’re in it for themselves and their relatives.

Best place on meth
Best place on meth
3 years ago
Reply to  Just me

Oh god, not you too.

Is everyone supposed to cancel their scheduled summer holidays with their families in order to deal with the impatience of some voters who want the speculator tax enacted by the end of today?

Fuck.

Relax.

Oracle
Oracle
3 years ago
Reply to  Just me

Maybe have a protest in front of Ebys office and mobilize those who voted NDP. Have “Liar” signs printed. Media gets on it. NDP base sees the lies and kicks these assholes out.

BubbleTea
BubbleTea
3 years ago

Hate to bring this up again… why is Vancouver competing with CHINA for local housing? Is housing not a basic rights for locals? Much of money coming from CHINA is dirty.
“Chinese buyers responsible for one-third of value of Vancouver home sales: National Bank”
http://www.vancouversun.com/Business/11804486/story.html

KickThemOut
KickThemOut
3 years ago
Reply to  BubbleTea

Exactly! Why? There should be absolutely no foreign ownership of any national strategic asset or just any asset at all! Period. Canada is for Canadians, not for commies! We should ban all contacts with the commies and any countries not adopting our values and systems.

Oracle
Oracle
3 years ago
Reply to  KickThemOut

Nationalize all national assets. Lease them out.

Electromagnetic spectrum, wood, minerals, Oil, Natural gas.

Best place on meth
Best place on meth
3 years ago
Reply to  Oracle

When it comes to real estate, foreigners should be restricted to leasehold properties.

UBC is perfect for them, they’re building like crazy there and it’s already 90% chinese.

Just me
Just me
3 years ago

That is why the endowment lands were gifted to the University in perpetuity. So that a few thousand wives of corrupt Chinese millionaires could drive around in their German SUVs.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  BubbleTea

The “analysis” that year-old article was discredited back then and preceded any official stats. It’s basically a made up number based on guesses and extrapolation from a tiny US-based data set.

Except now we know, from the link posted earlier, that the US draws way more attention than Vancouver in the eyes of “Chinese millionaires”.

Either way you’re competing with all the greedy locals who think RE is a guaranteed pathway to riches, not foreigners.

Just me
Just me
3 years ago

Blah blah blah…and earth is flat.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Just me

Another reply on the level of “I know you are but what am?”, I see! Well done, genius. Your point-by-point rebuttal was spot on.

It’s time to stop pretending that your opinions are based on fact, my friend.

Just me
Just me
3 years ago

I am most definitely not your friend. And I take quite a bit of pride in that.

Shut It Down Already
Shut It Down Already
3 years ago
Reply to  Just me

Duh.

Combat roach
Combat roach
3 years ago
Reply to  BubbleTea

Why is Vancouver competing with CHINA for local housing?

A traditional concubinage, China sees Vancouver as their shit that they are entitled to, and Vancouver likes dirty cash.

Hyper-mega-Bull
Hyper-mega-Bull
3 years ago
Reply to  BubbleTea

vancouver is part of the sinosphere.

Combat roach
Combat roach
3 years ago

Oracle, is this you? Kudos!

“Simon Fraser University political scientist Sanjay Jeram is bravely going where few Canadian scholars — and virtually no politicians — dare to go.”

http://vancouversun.com/opinion/columnists/douglas-todd-why-canadians-need-to-debate-immigration-economics

Oracle
Oracle
3 years ago
Reply to  Combat roach

LoL no.

I wouldn’t have waited until this stage in the game; I’m a straight shooter and not PC…..something that doesnt get you ahead in life..